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1 posted on 10/18/2011 9:19:59 PM PDT by doug from upland
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To: doug from upland

What could possibly go wrong?

I say we call it the Sean Penn Tax.


2 posted on 10/18/2011 9:22:56 PM PDT by FormerACLUmember
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To: doug from upland

You’ all come to Texas and bring your money with you. Glen Beck is in Southlake, and I see that GE is setting up a couple of factories in Ft. Worth. If Perry were smart, he would be touting stuff like this.


4 posted on 10/18/2011 9:29:56 PM PDT by RobbyS (Pray with the suffering souls.)
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To: doug from upland

Good. Most of Hollywood’s elites are millionaire liberals.


5 posted on 10/18/2011 9:30:05 PM PDT by max americana
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To: doug from upland

The Revenge of the Che’-loving, Commie/Marxist “perfessors”.


7 posted on 10/18/2011 9:36:28 PM PDT by FlingWingFlyer (Stop Government Greed Now!!!!)
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To: doug from upland

California already has that. My fellow Californians foolishly passed a ballot initiative several years ago which was a millionaire’s tax. After it was enacted, a new tier was added to the income tax rates just for those who earn 1M per year.


8 posted on 10/18/2011 9:39:14 PM PDT by mbs6
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To: doug from upland

Funny thing, Millionaires can live anywhere.

Why would they stay in California?


9 posted on 10/18/2011 9:46:34 PM PDT by hattend (If I wanted you dead, you'd be dead. - Cameron Connor)
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To: doug from upland

They have one already in California I guess it is not enough for the scum suckers


10 posted on 10/18/2011 10:04:18 PM PDT by funfan
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To: doug from upland

Pass it and I change my residency to Stateline, Nevada.


12 posted on 10/19/2011 12:11:11 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: doug from upland
California pols might find just a little bit of recent history instructive. And what happened to the delegation that went to Texas to learn about "job creation"? Did they forget what they learned on that trip?

Millionaires Go Missing


Maryland's fleeced taxpayers fight back.

May 27, 2009
Wall Street Journal Online
http://online.wsj.com/article/SB124329282377252471.html

Here's a two-minute drill in soak-the-rich economics:

Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."

One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.

No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey (see here).

The Maryland state revenue office says it's "way too early" to tell how many millionaires moved out of the state when the tax rates rose. But no one disputes that some rich filers did leave. It's easier than the redistributionists think. Christopher Summers, president of the Maryland Public Policy Institute, notes: "Marylanders with high incomes typically own second homes in tax friendlier states like Florida, Delaware, South Carolina and Virginia. So it's easy for them to change their residency."

All of this means that the burden of paying for bloated government in Annapolis will fall on the middle class. Thanks to the futility of soaking the rich, these working families will now pay Mr. O'Malley's "fair share."


13 posted on 10/19/2011 3:02:15 AM PDT by ProtectOurFreedom
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To: doug from upland

I know of only two certain outcomes for increasing money to the “Education Establishment”; The taxes go up and the education unions get more in mandatory dues. To date there has been NO, ZIP, NONE correlation between improved education and increased money.

Of course if the education unions get more money they will give more to their favorite political party who will then help them pass more taxes for more money to the education unions and ...


14 posted on 10/19/2011 4:32:09 AM PDT by SES1066 (Vote in 2012 for OUR CIVIL RIGHTS not the Left's!)
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To: doug from upland

Let’s see how many Hollywood leftists will pay that tax. My bet is that there will be a large migration of millionaires to other states if this passes.


15 posted on 10/19/2011 6:49:31 AM PDT by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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